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As simple as possible: 00 level trading

  • #17,061
  • Aug 31, 2014 2:51am Aug 31, 2014 2:51am
Quoting isko
{quote} liuxiaobing, this is correct. 1.31700 level is the next valid pending order for short since last candle close is below 1.3800. I will not qualify 1.3800 level valid to set short pending order since the price before crossing the DO line is still green (D1 = green) and both levels are almost at the same area. isko


12. Distance to RN > 10 pips (see 3 & 4)

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #17,062
  • Aug 31, 2014 3:04am Aug 31, 2014 3:04am
Quoting JibalaPasan
{quote} 12. Distance to RN > 10 pips (see 3 & 4) Jibala

Could you elaborate more why rule 12? I do not see the relevance of rule 12 on that trade.

isko
SMT, IPDA, Market Structure
  • #17,063
  • Aug 31, 2014 3:28am Aug 31, 2014 3:28am
Quoting isko
{quote} Could you elaborate more why rule 12? I do not see the relevance of rule 12 on that trade. isko
Where is the DO line? Just 1 or 2 pip above @800 we still have no trend, thus stay on the sideline. Btw something is wrong with this chart! The open of the daily candle must be same level as DO and it is not!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #17,064
  • Aug 31, 2014 3:52am Aug 31, 2014 3:52am
Quoting JibalaPasan
{quote} Where is the DO line? Just 1 or 2 pip above @800 we still have no trend, thus stay on the sideline. Btw something is wrong with this chart! The open of the daily candle must be same level as DO and it is not! Jibala

Then, rule 12 do not apply on this trade. Unless you are referring to 0.800 as a RN which should not be the case.

"The open of the daily candle must be same level as DO and it is not!" - ???


Isko
SMT, IPDA, Market Structure
  • #17,065
  • Aug 31, 2014 4:33am Aug 31, 2014 4:33am
Quoting JibalaPasan
{quote} 12. Distance to RN > 10 pips (see 3 & 4) Too close to DO! Jibala
I dont get this...
The closest RN ("Round Number"?) as I understand is 1.66000
I went SHORT at 1.65800 which is 20p away from that.
By the way- I dont see any rule which limits the allowed distance to DO (daily open).
  • #17,066
  • Aug 31, 2014 4:34am Aug 31, 2014 4:34am
Quoting isko
{quote} Then, rule 12 do not apply on this trade. Unless you are referring to 0.800 as a RN which should not be the case. "The open of the daily candle must be same level as DO and it is not!" - ??? Isko
Daily candle has its open level (high level of its body) above DO. Obviously, this isn't correct.
  • #17,067
  • Aug 31, 2014 4:40am Aug 31, 2014 4:40am
Quoting Udine
{quote} Sorry Modeco, thought you wnt long at .900 level. cheers Udine
No problem!
Do you see there violation of rule 12 or any other rule?
  • #17,068
  • Aug 31, 2014 4:44am Aug 31, 2014 4:44am
Quoting xlcharly
{quote} Daily candle has its open level (high level of its body) above DO. Obviously, this isn't correct.
What is not correct?
SMT, IPDA, Market Structure
  • #17,069
  • Aug 31, 2014 4:45am Aug 31, 2014 4:45am
Quoting Mr.Ma
{quote} Just my 2 cents... I don't see any violation of an rule here... by the time the hour opened there was enough space left to the .80 level (for me it looks like at least 5-6 pip) what I think is... The Asian session didn't break the .80 level. Frankfurt didn't break it as well and London failed to break the 1.6600. So price came back down for another retest of the .80 area and didn't break again because the americans failed to press it down further more. {image}
Thanks! This is about the same idea that I see what happened. The main issue what I try to understand- are there any indications why I shouldnt take this trade? Are there any rules violated (I believe not) or, maybee I shoudnt take the trade becouse of the support zone which you have marked? Or this was just a trade were I need to accept the loss and move on, becouse it aint no holy grail?
  • #17,070
  • Aug 31, 2014 4:49am Aug 31, 2014 4:49am
Quoting isko
{quote} What is not correct?
DO=open level of daily candle
red candle at the right side (daily candle) has its open level above the white line, which represents the DO.
  • #17,071
  • Aug 31, 2014 4:55am Aug 31, 2014 4:55am
Quoting xlcharly
{quote} DO=open level of daily candle red candle at the right side (daily candle) has its open level above the white line, which represents the DO.
I think he might have adjusted the DO timezone on his chart.
SMT, IPDA, Market Structure
  • #17,072
  • Aug 31, 2014 6:25am Aug 31, 2014 6:25am
Quoting JibalaPasan
{quote} This I have answered many times already! I am using a special trading tool, a Dashboard with all the neccessary information I need, which was developed by my mentor for the WUKAR system. I dont watch charts anymore! Without Dashboard it's not possible to watch all the pairs. Jibala
@Jibala,

I was reading up on all posts since I left on holidays, when I came across this post.

Most successful scalpers seem to agree that the key to success is studying price action on the charts (which is what I did during my holidays ;-)

I was struck by the fact that - apparently - you donīt even study/watch the charts anymore.
This, in combination with the relatively high "hit rate" you have, made me curious as to what "necessary information" is displayed on your dashboard ?
I recall that in one of your posts a while ago, one of the elements you included in your analysis was tick info.

Now, itīs obviously the trader that accounts for success, not the system.
Everybody in this forum uses the 00-level system but using a different approach, based on different criteria (S/R, currency strength, RSI, MA, ...).

Anyway, thanks in advance for sharing the info.

flx69
  • #17,073
  • Aug 31, 2014 6:37am Aug 31, 2014 6:37am
Quoting ejiexe
{quote} I can see from your chart that you have a resistance level at 172.32 which cautioned you not to take 172.30 level 00.
Not a very good analysis but better than nothing I guess.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 27 KB


This is what I saw:

1. Prior to FF price hesitated to go up (look at the wicks)
2. FF session price went down then in the last 30 minutes it went up and flattened out.
3. London Open price could have gone anywhere (no discernible trend) due to the current PA so no trade for me at London Open from the 200 level.
4. Also the 173.32 level is reason for concern and no trade possible from 300 level anyway if you follow the rules.
5. Best option was to go long from the 400 level which was pushing away from support and .... the trade went straight to TP more or less.

Hope you find that enlightening!

Good Trading.

Masterrmind..........
Master your Mind then Master your Trades
  • #17,074
  • Aug 31, 2014 7:13am Aug 31, 2014 7:13am
Quoting Masterrmind
{quote} Not a very good analysis but better than nothing I guess. {image} This is what I saw: 1. Prior to FF price hesitated to go up (look at the wicks) 2. FF session price went down then in the last 30 minutes it went up and flattened out. 3. London Open price could have gone anywhere (no discernible trend) due to the current PA so no trade for me at London Open from the 200 level. 4. Also the 173.32 level is reason for concern and no trade possible from 300 level anyway if you follow the rules. 5. Best option was to go long from the 400 level...
Why is the level 173.32 leve lis an area of concern ? how did you identify that area ?
  • #17,075
  • Aug 31, 2014 9:24am Aug 31, 2014 9:24am
Quoting flx69
{quote} @Jibala, I was reading up on all posts since I left on holidays, when I came across this post. Most successful scalpers seem to agree that the key to success is studying price action on the charts (which is what I did during my holidays ;-) I was struck by the fact that - apparently - you donīt even study/watch the charts anymore. This, in combination with the relatively high "hit rate" you have, made me curious as to what "necessary information" is displayed on your dashboard ? I recall that in one of your posts a while ago, one of the...
Since we are using a scalping system, chart hopping might become very stressful to monitor many charts. The idea behind the development of a Dashboard was to display all necessary information for 15 pairs at present. At the end, if all criterias are matching, there is a buy / sell signal.

What are the informations / filters displayed on the dashboard?

- a relative strength meter incl. a RSI (small arrows inside the strength meter)
- an absolute strength meter which effectively shows the strength between the two currencies
- a time based strength filter (different values for different market openings / conditions)
- a spread filter (Oanda likes to play with the spread!)
- News indicator for the red news
- Trend direction (above or below DO incl. a 7 pip buffer)
- RmUp / RmDn incl. a 3 pip buffer
- a SMC - Filter (SMC = Smart Money Change)
- Market times / openings
- bid / ask price
- signal

Try to visualize how the matrix of the Dashboard looks like with all this information! Do we need anything more? Absolutely not, because all is at one hand! No stress, just waiting on signal and then open the chart. The Dashboard is an external application based on raw tick data from meta trader!

@all: This statement is with no argument! You asked about the secrets behind our (yes our, because its not only me) trading and I answered. If you ask google you'll find more about it. Thus, full stop here!

Tomorrow we start our trading office and the "Boss" will have one more student beside me. Therefore I might have time to continue reading beside my duties, but there will be more theory in teaching also.

I wish you all a good time and many green pips always!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #17,076
  • Aug 31, 2014 9:43am Aug 31, 2014 9:43am
Quoting jasonhaw
{quote} Why is the level 173.32 leve lis an area of concern ? how did you identify that area ?
It's a level of support !

In any event no trade was possible from the 300 level since it is the 2nd 00 level in the 1 st hour of London session.

Masterrmind..........
Master your Mind then Master your Trades
  • #17,077
  • Edited 10:09am Aug 31, 2014 9:54am | Edited 10:09am
Quoting JibalaPasan
{quote} Since we are using a scalping system, chart hopping might become very stressful to monitor many charts. The idea behind the development of a Dashboard was to display all necessary information for 15 pairs at present. At the end, if all criterias are matching, there is a buy / sell signal. What are the informations / filters displayed on the dashboard? - a relative strength meter incl. a RSI (small arrows inside the strength meter) - an absolute strength meter which effectively shows the strength between the two currencies - a time based...
Thanks for the info Jibala and good luck with your new trading office !

Green pips to all of you !

flx69
  • #17,078
  • Aug 31, 2014 10:13am Aug 31, 2014 10:13am
Quoting JibalaPasan
{quote} Since we are using a scalping system, chart hopping might become very stressful to monitor many charts. The idea behind the development of a Dashboard was to display all necessary information for 15 pairs at present. At the end, if all criterias are matching, there is a buy / sell signal. What are the informations / filters displayed on the dashboard? - a relative strength meter incl. a RSI (small arrows inside the strength meter) - an absolute strength meter which effectively shows the strength between the two currencies - a time based...
Is this your Dashboard?:

Inserted Video
  • #17,079
  • Aug 31, 2014 10:25am Aug 31, 2014 10:25am
Quoting Masterrmind
{quote} Not a very good analysis but better than nothing I guess. {image} This is what I saw: 1. Prior to FF price hesitated to go up (look at the wicks) 2. FF session price went down then in the last 30 minutes it went up and flattened out. 3. London Open price could have gone anywhere (no discernible trend) due to the current PA so no trade for me at London Open from the 200 level. 4. Also the 173.32 level is reason for concern and no trade possible from 300 level anyway if you follow the rules....
Thanks very enlightening.


..... Also the 173.32 level is reason for concern

I agree with you but not every trader will see this so taking trade should not be violation of any rules.

..... no trade possible from 300 level anyway if you follow the rules.
Please which rule is violated at this level? I know we should trade 40, 50, 60 during FF session while all levels during other session
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #17,080
  • Aug 31, 2014 4:31pm Aug 31, 2014 4:31pm
This thread is awesome...a monster. Two months old and has 855 pages - I read the first 4 pages and then I realized that. I bet $5 bux I ask a question that was answered on page 400 or 549 or 612 or 182.

I still don't get the exact reason to take a position other than the current hrly candle is green and above the Daily open. What prevents the price from being overbought? Is the stop my answer? The reason I ask is because GBPJPY is extremely volatile and can whipsaw in the blink of an eye.

If I can understand this, I can tell that this is a serious money maker because then you are trading short term and othing but the days trend...that is Forex brilliance!

Udine, Udaman baby!
Everything easy was hard at first
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